And you are correct it was a house hack.  

Quote from @Chris Pontello: Hi Chris,Correct me if I'm wrong as I'm still learning creative financing solutions, but paying them some money would be if I could take over the loan.

Remember, most county assessors either have the info somewhat incorrect or their websites will be nearly impossible to figure out correct sq footage, especially for unfinished areas.

Asking in the correct forum will get a better response.Read the RULES!

You could also list low and if the demand is really there, could get bid up.

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I was looking into fixing up and renting a single family home but I just want to make sure I’m starting off correctly.

If he kept the house, then your statement would be correct, because there is no immediate taxation of insurance payout.

@James Hamling is correct about those cap expenses coming. 

Perhaps that's the correct option if you are selling a SFH to a home owner that has unique design characteristics but not in the context of what you are facing.